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Side-by-side financial comparison of Global Business Travel Group, Inc. (GBTG) and VIASAT INC (VSAT). Click either name above to swap in a different company.
VIASAT INC is the larger business by last-quarter revenue ($1.2B vs $792.0M, roughly 1.5× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 2.2%, a 8.3% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 3.0%). Over the past eight quarters, Global Business Travel Group, Inc.'s revenue compounded faster (13.9% CAGR vs 0.3%).
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
GBTG vs VSAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $792.0M | $1.2B |
| Net Profit | $83.0M | $25.0M |
| Gross Margin | — | — |
| Operating Margin | 3.7% | 2.3% |
| Net Margin | 10.5% | 2.2% |
| Revenue YoY | 34.0% | 3.0% |
| Net Profit YoY | 692.9% | 115.8% |
| EPS (diluted) | $0.16 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $792.0M | $1.2B | ||
| Q3 25 | $674.0M | $1.1B | ||
| Q2 25 | $631.0M | $1.2B | ||
| Q1 25 | $621.0M | $1.1B | ||
| Q4 24 | $591.0M | $1.1B | ||
| Q3 24 | $597.0M | $1.1B | ||
| Q2 24 | $625.0M | $1.1B | ||
| Q1 24 | $610.0M | $1.2B |
| Q4 25 | $83.0M | $25.0M | ||
| Q3 25 | $-62.0M | $-61.4M | ||
| Q2 25 | $15.0M | $-56.4M | ||
| Q1 25 | $75.0M | $-246.1M | ||
| Q4 24 | $-14.0M | $-158.4M | ||
| Q3 24 | $-128.0M | $-137.6M | ||
| Q2 24 | $27.0M | $-32.9M | ||
| Q1 24 | $-19.0M | $-100.3M |
| Q4 25 | 3.7% | 2.3% | ||
| Q3 25 | 1.8% | 3.1% | ||
| Q2 25 | 5.4% | 4.0% | ||
| Q1 25 | 8.9% | -13.4% | ||
| Q4 24 | 5.1% | 1.9% | ||
| Q3 24 | 4.5% | -2.2% | ||
| Q2 24 | 6.7% | 5.3% | ||
| Q1 24 | 2.6% | 0.0% |
| Q4 25 | 10.5% | 2.2% | ||
| Q3 25 | -9.2% | -5.4% | ||
| Q2 25 | 2.4% | -4.8% | ||
| Q1 25 | 12.1% | -21.5% | ||
| Q4 24 | -2.4% | -14.1% | ||
| Q3 24 | -21.4% | -12.3% | ||
| Q2 24 | 4.3% | -2.9% | ||
| Q1 24 | -3.1% | -8.7% |
| Q4 25 | $0.16 | $0.18 | ||
| Q3 25 | $-0.13 | $-0.45 | ||
| Q2 25 | $0.03 | $-0.43 | ||
| Q1 25 | $0.16 | $-1.92 | ||
| Q4 24 | $-0.04 | $-1.23 | ||
| Q3 24 | $-0.28 | $-1.07 | ||
| Q2 24 | $0.06 | $-0.26 | ||
| Q1 24 | $-0.04 | $-1.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $434.0M | $1.3B |
| Total DebtLower is stronger | $1.4B | $6.2B |
| Stockholders' EquityBook value | $1.6B | $4.6B |
| Total Assets | $4.9B | $14.9B |
| Debt / EquityLower = less leverage | 0.88× | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $434.0M | $1.3B | ||
| Q3 25 | $427.0M | $1.2B | ||
| Q2 25 | $601.0M | $1.2B | ||
| Q1 25 | $552.0M | $1.6B | ||
| Q4 24 | $536.0M | $1.6B | ||
| Q3 24 | $524.0M | $3.5B | ||
| Q2 24 | $515.0M | $1.8B | ||
| Q1 24 | $475.0M | $1.9B |
| Q4 25 | $1.4B | $6.2B | ||
| Q3 25 | $1.4B | $6.5B | ||
| Q2 25 | $1.4B | $6.5B | ||
| Q1 25 | $1.4B | $6.5B | ||
| Q4 24 | $1.4B | $6.5B | ||
| Q3 24 | $1.4B | $6.4B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $7.1B |
| Q4 25 | $1.6B | $4.6B | ||
| Q3 25 | $1.5B | $4.5B | ||
| Q2 25 | $1.2B | $4.6B | ||
| Q1 25 | $1.1B | $4.6B | ||
| Q4 24 | $1.1B | $4.8B | ||
| Q3 24 | $1.1B | $4.9B | ||
| Q2 24 | $1.2B | $5.0B | ||
| Q1 24 | $1.2B | $5.0B |
| Q4 25 | $4.9B | $14.9B | ||
| Q3 25 | $4.8B | $14.8B | ||
| Q2 25 | $3.9B | $14.9B | ||
| Q1 25 | $3.8B | $15.4B | ||
| Q4 24 | $3.6B | $15.6B | ||
| Q3 24 | $3.8B | $17.8B | ||
| Q2 24 | $3.8B | $16.1B | ||
| Q1 24 | $3.8B | $16.3B |
| Q4 25 | 0.88× | 1.37× | ||
| Q3 25 | 0.91× | 1.44× | ||
| Q2 25 | 1.15× | 1.43× | ||
| Q1 25 | 1.23× | 1.43× | ||
| Q4 24 | 1.32× | 1.37× | ||
| Q3 24 | 1.26× | 1.30× | ||
| Q2 24 | — | 1.42× | ||
| Q1 24 | — | 1.42× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $52.0M | $726.9M |
| Free Cash FlowOCF − Capex | $13.0M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.63× | 29.11× |
| TTM Free Cash FlowTrailing 4 quarters | $104.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.0M | $726.9M | ||
| Q3 25 | $71.0M | $282.2M | ||
| Q2 25 | $57.0M | $258.5M | ||
| Q1 25 | $53.0M | $298.4M | ||
| Q4 24 | $65.0M | $219.5M | ||
| Q3 24 | $85.0M | $239.2M | ||
| Q2 24 | $73.0M | $151.1M | ||
| Q1 24 | $49.0M | $232.0M |
| Q4 25 | $13.0M | — | ||
| Q3 25 | $38.0M | — | ||
| Q2 25 | $27.0M | — | ||
| Q1 25 | $26.0M | — | ||
| Q4 24 | $33.0M | — | ||
| Q3 24 | $59.0M | — | ||
| Q2 24 | $49.0M | — | ||
| Q1 24 | $24.0M | — |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 7.8% | — | ||
| Q1 24 | 3.9% | — |
| Q4 25 | 4.9% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 3.8% | — | ||
| Q1 24 | 4.1% | — |
| Q4 25 | 0.63× | 29.11× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
